QuickX provides transfer of different crypto-currencies between two parties instantly just like any other traditional electronic transfer mechanism. Thus allowing your transactions to happen - seamlessly, and instantly, without you having to pay a high network fee, as that’s taken care of, by the Pooling Facilitators, in the network, who facilitate the Cross-Chain transactions to take place instantly!
Given below is a use case assuming one of the pooling facilitators being an analyst company running out of cryptocurrency and it still needs to trade. The first pooling facilitator (PF1) raises a loan from the other pooling facilitator (PF2). A pooling facilitator (PF1) has the best f1 to give to a user for a transaction requiring ETH equivalent to $100 with BTC as input. However, PF1 does not have Ethereum to give to Business House. PF1 takes a loan of Ethereum equivalent to $100 from PF2, which has f2= .09%. Then it does the transaction of user at the defined f1 = 0.1%. Therefore, when a user requests to pay Ethereum to Business House, f1 (0.1%) is charged to user and f2 (0.09%) is the cost PF1 pays to PF2 (for this transaction f1 of PF1 and f2 of PF2 is called by the algorithm) thus PF1 making a profit of 0.01%. The transaction happens instantly with the decentralized liquidity pool and pooling facilitators are getting a benefit from it.
Example use case: Assume Alice and Bob are two friends living in two different locations. Alice wants to send BTC equivalent of $100 to Bob. Bob has an Ethereum wallet and can receive only Ethereum. Alice sends a request through Quick X Platform to send BTC equivalent to $100 to Bob’s wallet. Quick X through decentralized liquidity pool transfers Ethereum equivalent of $100 to Bob’s wallet.
Example use case: Business House A buys a product from Business House B for $100 and therefore Business House A is required to make a payment of $100 to Business House B for the product purchased. Business House A has BTC in its wallet while Business House B accepts payments in ETH (Ethereum). Business House A can easily send a request to add ETH equivalent of $100 to Business House B’s wallet through Quick X platform. Quick X simply transfers ETH equivalent of $100 to Business House B’s wallet and deducts BTC equivalent to $100 from Business house A’s wallet. The cost involved in this case is much lower than the cost of traditional transfer methods such as bank wire.
Example use case: Alice has some money in Bitcoin and she wants to convert it to ETH for some reason. Instead of going to different exchanges and comparing rates while fulfilling identity requirements for every exchange, Alice makes a request on Quick X to swap BTC to ETH in her wallet. Quick X takes BTC and adds ETH to Alice’s wallet. It is similar to a regular payment but instead of payment being made to the business house Alice is paying to himself.